Warren Buffet wrote in an editorial to the New York Times that was published Sunday that he wants to pay more taxes and thinks his mega-rich friends should too.
“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks,” Buffet said in the editorial.
“These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.” Continue reading →
A California mansion could become the most expensive US property to be sold at auction when it goes on the block next month with a starting bid of $22 million.
The 10,500 square-foot beachside house — originally listed at $65 million — includes six bedrooms, nine and a half bathrooms, a theater, a 75-foot (25-meter) two-lane lap pool, a gymnasium and a library with an aquarium.
The winning bidder would count Tom Hanks, Barbra Streisand and Sting as neighbors after moving into “Billionaire Beach,” part of the upscale coastal town of Malibu, near Los Angeles. Continue reading →
Carlos Slim Helu remained the world’s richest person, but Asia is where today’s big money is flowing, Forbes magazine said in its 2011 list of the world’s billionaires.
Slim, who is almost unknown to the general public outside Mexico, weighed in at a staggering $74 billion of net wealth thanks to his telecoms empire. Already the top dog last year, he increased his fortune by $20.5 billion dollars.
The car, which can touch speeds of 275 kilometres (170 miles) an hour, will be priced at up to 51 million rupees ($1.1 million).
“There are customers out there who can afford the unparalleled luxury of this car,” said Mercedes Benz India chief executive Peter Honegg at the launch, saying the company was aiming its cars at those who can afford private jets. Continue reading →
The ranks of Asia-Pacific millionaires are likely to continue growing faster than those from developed countries as regional economies led by China and India power ahead, a report said on Tuesday.
The study on high-net-worth individuals (HNWIs) — defined as anyone with investable assets of at least one million US dollars — was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.
“Moving forward, China and India will lead the way in the region with economic expansion and HNWI growth likely to keep outpacing more developed economies,” the Asia-Pacific Wealth Report said. Continue reading →
In what could be called as a lavish fight, a pair of rival billionaires set a new world record at a French nightclub to see who could order the most champagne.
Zhen Low – the younger brother of big-spending Malaysian billionaire Jho Low – squared off against Winston Fisher of the prominent New York real-estate family Thursday night at Les Caves du Roy nightclub in St. Tropez.
The bill? A staggering 2 million euros, or $2.6 million, according to an announcement made at the club. Continue reading →
The city’s richest man Li Ka-shing has the fame of a movie star, while the court case involving the will of eccentric pig-tailed billionaire Nina Wang last year enthralled Hong Kong with its brew of sex, money and power.
But Wang’s death in 2007 and the hospitalisation last year of casino tycoon Stanley Ho were a stark reminder that some of Hong Kong’s 40 richest tycoons — synonymous with its post-war economic success — are in their twilight years.
They will leave behind eye-popping fortunes worth more than 130 billion US dollars and vast business empires that control everything from supermarkets and property development to ports and telecoms. Continue reading →
Microsoft co-founder Paul Allen, who is rated by Forbes magazine as the world’s 37th richest person, plans to give away most of his $13.5 billion fortune.
In the statement, Allen said his estate would support causes including not-for-profit scientific research such as the Allen Institute for Brain Science.
His declaration came a month after Gates and fellow billionaire Warren Buffett launched a campaign dubbed the “giving pledge” that urges America’s richest individuals to commit half of their fortunes to charitable causes. Continue reading →